Four-Unit Medical Office
New
For Sale
$3,250,000
2700 Grand Avenue, Billings, MT 59102
Fully leased dental office condominium asset with long-term triple-net leases.
Property Size12,465 SF
Price / SF$260.73
Days on Market2
Property Features for 2700 Grand Avenue
General Information
Standard status
Active
Size
12,465 SF
Class
A
Property subtype
Medical/Healthcare
Occupancy
100%
Additional Details
Office Units
4
Building Details
Building Size
12,465 SF
Year Built
1994
Tenancy
Multi
Listing Agency:
NAI Business Properties
Listed By:
Drew Smith · License #14070
(406) 269-2698
Source:
Thebrokerlist
Added: Sep 5
Last Checked: Sep 5 at 2:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Business Properties
Investment Insights
Based on property information with market context.
This medical office property comprises four condominium units totaling 12,465 SF. The units are occupied by four separate dental practices, providing a specialized office configuration within a single offering. The building was constructed in 1994, and the property has maintained full occupancy since that time.
Located at 2700 Grand Avenue in Billings, the property sits west of 24th St West in the West Billings area. Each unit is subject to a long-term triple-net lease, and the offering has no reported vacancy since construction. The property is presented as a medical office asset with an established dental tenant profile and four individually configured condominium units.
Located at 2700 Grand Avenue in Billings, the property sits west of 24th St West in the West Billings area. Each unit is subject to a long-term triple-net lease, and the offering has no reported vacancy since construction. The property is presented as a medical office asset with an established dental tenant profile and four individually configured condominium units.
Key Highlights
- 12,465 SF medical office property
- Four dental office condo units
- 100% occupancy with four separate dental practices
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$136,641
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,732,820
$2.7M
Cap Rate 7%
$1,952,014
$2.0M
Cap Rate 9%
$1,518,233
$1.5M
Market Conditions
NOI Build-Up for 12,465 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$216.9K $17.40/SF
− Vacancy
−$34.7K −$2.78/SF
EGI
$182.2K $14.62/SF
− OpEx
−$45.5K −$3.65/SF
NOI
$136.6K $10.96/SF
Area
Billings, MT
Vacancy
16.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,732,820
Cap Rate 7%
$1,952,014
Cap Rate 9%
$1,518,233
Alternative Uses
Best Use
Office B
$1.95M
$1.71M – $2.28M
NOI $136,641 @ 7.0% cap · market cap 4.20%
Second Best
Healthcare Medical
$1.92M
$1.68M – $2.24M
NOI $134,263 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,385 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59102, MT
48,133
Population
22,706
Households
2.1
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,209
Density / Sq Mi
$75,140
Median Household Income
$43,203
Median Earnings
$1,148
Median Rent
$307,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Grand Avenue Animal Hospital — 2932 Grand Ave, Billings, MT 59102
- Dr. Michael K. Stevens DVM — 2932 Grand Ave, Billings, MT 59102
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased dental office condominium asset with long-term triple-net leases.
Where is this medical office space located?
The property is located at 2700 Grand Avenue Billings, MT.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 12,465 SF medical office property; Four dental office condo units; 100% occupancy with four separate dental practices
